Maheshgopi (Senior Engineer) (24 Points)
01 April 2012Hi,
I have been working from April to Dec. 2011 in one company, where they have deducted a sum of Rs.1800/- rupees towards tax for the subjected period. After that, I have joined in another company as a part of career growth, where they didn't detect any tax for these three months.
In such case how can I calculate my tax liability for the remaining period and how to pay the same?
Please provide the procedure in such situations
Pratul
(FINANCE MANAGER)
(105 Points)
Replied 01 April 2012
The TDS of Rs.1800 that has been deducted for the specified period, may not b your actual tax liability. In Income Tax, you have to compute your total income under 5 major heads, 1 of them being "Income from Salary". From Total Income based on your investments deductions are allowed, which gives you Taxable Income. On this amount, the tax is calculated at the prevailing rates. "Net Tax Payable/ REfundable" shall be the amount after reducing the tax computed earlier by the amount of TDS that has been deducted.
Further there are many more rules governing the above procedure, which is not posible to explain.. Hope that settles your queries..
Mihir
(Wealth Manager)
(5293 Points)
Replied 02 April 2012
If you do not have any other source of india, then take your annual salary and see if its above tax slab of 180,000. If it is above, then you have to pay 10% on the excess amount. If the excess amount comes to 20000, then 10% of it will be Rs. 2,000. You have Rs. 2,000 tax liability, and against it you have paid Rs. 1800 as TDS. Now you have to pay Rs. 200 self assessment tax, provided you have not made any investments in insurance premium, PPF, NSC, etc.
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 02 April 2012
If your income for the A.Y. 2012-13 after deducting all the deduction under chapter VIA. i.e. from 1.4.2011 to 31.3.2012 is below the exemption limit then you can claim refund.
Other wise consider the below criteria
Mr X has
A) Income is Rs. 180000 from Company A for 8 months in the Previous Year & Tax of Rs.1800 has been deducted and
B) Income is Rs. 60000 from company B is the same previous year for balanced period & no tax deducted .
And Mr. X has Rs. 65000 as eligible deduction under Chapter VIA then
Mr. Will have net income of Rs. 175000 (180000+60000-65000)
& can claim refund of Rs. 1800 which was deducted as TDS.
Further if Mr. X has Income from other sources of Rs. 75000 then the tax calculation will be as follows
Total Net Income = Rs. 250000 (180000+60000+75000-65000)
Tax on income = Rs.7210 (250000-180000) * 10.30%)
Less : TDS RS. (1800)
Net Tax Payable = Rs. 5410.
Karthikeya2020
(Student)
(2030 Points)
Replied 02 April 2012
| Originally posted by : Kalpesh Chauhan, | ||
 |
If your income for the A.Y. 2012-13 after deducting all the deduction under chapter VIA. i.e. from 1.4.2011 to 31.3.2012 is below the exemption limit then you can claim refund. Other wise consider the below criteria Mr X has A) Income is Rs. 180000 from Company A for 8 months in the Previous Year & Tax of Rs.1800 has been deducted and B) Income is Rs. 60000 from company B is the same previous year for balanced period & no tax deducted . And Mr. X has Rs. 65000 as eligible deduction under Chapter VIA then Mr. Will have net income of Rs. 175000 (180000+60000-65000) & can claim refund of Rs. 1800 which was deducted as TDS. Further if Mr. X has Income from other sources of Rs. 75000 then the tax calculation will be as follows Total Net Income = Rs. 250000 (180000+60000+75000-65000) Tax on income = Rs.7210 (250000-180000) * 10.30%) Less : TDS RS. (1800) Net Tax Payable = Rs. 5410. |
Thanks a lot sir for sharing ur experience..
Regards, Karthikeya... |
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